That's a ~$7 million pay cut from his 2013-14 salary of $30.5 million.

Under NBA contract rules, the maximum value of a potential two-year Lakers contract for Kobe was ~$67.9 million ($32.8 million in 2014-15 and $35.1 million in 2015-16).

He ended up leaving ~$19.4 million on the table in order to stay a Laker.

Kobe's contract is totally unique in the NBA. He was drafted 1996 — an era when rookies got paid more money up front and started getting max contracts after only a couple of years in the league. Since Kobe is maniacally competitive and hard working, he has been signing max deals for over a decade. His permitted maximum salary is a relic from the old CBA, and is completely out of whack with what other elite players make.

If Kobe asked for a max deal, he would have occupied more than half of the team's total salary cap room, crippling the team's ability to sign other top players.

Even though he's taking a $7 million annual pay cut and leaving $19 million on the table over two years, he's still going to be the highest-paid player in the league. That gives you an idea of just how outrageous his old contract was.

And even though the Lakers got a discount on Kobe, they're still committing a huge chunk of their salary cap to a guy who will be 37-years old in 2015-16 and is coming off a torn Achilles. Despite the pay cut, it's an incredibly costly move for L.A.